a).Discuss the main steps in the Audit planning process b).Explain any 5contents in engagement letter. c).The Auditor should obtain sufficient appropriate Audit Evidence in order to be able to form an Audit opinion. REQUIRED: Explain the meanings and practical application of the following procedures for obtaining Audit Evidence: I. Inspection ii. Observations iii. Inquiry iv. confirmation v. Analytical review

b)Planning an Audit of Financial statements (ISA300) provides guidance to Auditors. Planning an Audit involves establishing the overall Audit strategy for the engagement and developing an Audit plan. Adequate planning benefits the Audit of financial statements in several ways. REQUIRED: Explain 5 importance of Audit planning.